In order to meet its budgetary deficit obligations, the International Monetary Fund (IMF) has advised the Federal Government to increase domestic revenue through taxation. The IMF made the appeal in its briefings at the launch of the Global Financial stability Report with the theme “Navigating the High-Inflation Environment”. The Global[Read More…]
News
Oil and Gas Industry Tops Credit Allocation in 2021, Says NBS
The National Bureau of Statistics (NBS) says the oil and gas industry was among the firms that had the highest credit allocations for private sector businesses in 2021. This was disclosed in NBS October 2022 banking sector data, noting that the total credit allocated to the private sector in Q1[Read More…]
Anticipation builds as Nigeria’s best Hi-life vie for N50 Million at Hi-Life Fest 2022
With the ever growing rate of youth restiveness on account of the prevailing socio-economic issues in Nigeria, most young and talented musicians have become more attuned to platforms that would help launch their musical careers. Offering a respite and giving the teeming youth population a platform to make progress, Life[Read More…]
Fed Govt Grows VAT By 20%, Rakes In N1.2trn
The Federal Government through the Federal Inland Revenue Service has grown its proceeds of Value of Added Tax by 20 per cent to N1.2tn in the first six months of 2022. According to different reports by the National Bureau of Statistics, the total sum generated through VAT stood at N1.008tn[Read More…]
Akabueze Contradicts Pantami, Says 5% Tax Stands Telecom
Contrary to the pronouncement by the minister of communications and digital economy, Isa Ali Pantami, that the five percent telecom levy had been suspended, the director-general of the Budget Office, Ben Akabueze, has maintained that the tax remains in effect as the Budget Office of the Federation and the Federal[Read More…]
IPMAN announces warning strike, threat indefinite if FG fails to settle outstanding N500b
Fresh fuel scarcity is looming in northern states as independent marketers, yesterday, announced a three-day warning strike over non-payment of outstanding bridging costs In Kano, the Northern Independent Petroleum Marketers Forum (NIPMF) shutdown the depot of the Nigerian National Petroleum Company Limited (NNPC), obstructing the movement of tankers. NIPMF chairman,[Read More…]
FG Suspends Telecoms Tariff Hike, Excise Duty
President Muhammadu Buhari has approved the suspension of the proposed excise duty on telecommunications indefinitely and constituted a committee to look into the matter. The suspended scheme could have seen an added tax to the tariff for telecom network subscribers but the Minister of Communications and Digital Economy, Isa Ali[Read More…]
In 12 Months, Discos Suffered N543bn Revenue Loss
The latest report by the Nigerian Electricity Regulatory Commission (NERC) shows that total billing to electricity consumers by the 11 distribution companies stands at N816bn. The report also shows that out of this amount, only N370bn has been collected by the DIiscos, leaving a total outstanding of N543bn. The data[Read More…]
Fed Govt Pays Foreign Firm $496m For Contract Violation
The Attorney-General of the Federation and Minister of Justice, Abubakar Malami has disclosed that the Federal Government has settled a long-standing $5.26bn contractual dispute with a foreign investor group in the steel sector for $496m. A statement on Sunday by the Special Assistant, Media and Public Relations, Office of the[Read More…]
How Nigeria Loses $14.6b to Oil Theft Annually
Confusion continues to be the order of the day in the country’s upstream sector as key government officials are struggling to agree on the specific barrels of crude oil lost to oil theft on a daily basis. While President Muhammadu Buhari who is the Minister of Petroleum Resources has kept[Read More…]
Consumer TV
FG Revenue Rises 76% to N12.5tn, Fueled by Tax and Oil Gains — Budget Office
The Federal Government’s earnings have increased by 76 percent, rising from N7.1 trillion in 2022 to N12.5 trillion in 2023, due to higher taxes and oil revenues. This information was revealed in the recently released 2025-2027 Medium Term Expenditure Framework and Fiscal Strategy Paper from the Ministry of Budget and[Read More…]